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tv   MSNBC News Live  MSNBC  April 20, 2010 3:00pm-4:00pm EDT

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let me start with you, bill. obviously, a lot of angry folks out there that are struggling to get through the day. goldman making $3.5 billion this quarter. from a lot of people's point of view, playing footsy as far as obviously this very, very well documented alleged fraud case with paulson as far as kind of selling damaged goods to the public. to your point of view, much ado about nothing. no big deal here. no foul? >> i agree with you, donny, that there's a lot for people to be angry about. and there's a lot of greed on wall street. and everything that's been said so far, i've agreed with. i would just make the point in this narrow case what is being blown out of proportion, and is the fact that these were two sophisticated parties. and hindsight is used to judge who was potentially guilty and who wasn't. aca was the final arbitor of
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these securities. think of it as the battle between jim cramer and myself. it's incumbent upon us to get it right. the fact that with hindsight paulson was correct doesn't have anything to do with the fact that it was an even battle at the time. the buyer was supposed to do their home work. >> bill -- >> i'm all for -- >> before i bring patrick in, my question is, i don't think anybody's debating, you know, you can take both sides of the coin here and we can bet against each other. i don't care whether they're kind of ripping off rich guys or not so rich guys. the issue was paulson was constructing this product, not just making a bet on the other side. he built this product for them. then they went out and sold that. if i'm just somebody in the american public, forget that they screwed some of the bigger cats, isn't there a real issue beyond gray there? doesn't that become fraud? why am i not angry about that? >> is it back to me? >> yes, sir. >> because it wasn't -- they didn't -- they weren't going to the public.
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we didn't know that those securities were going to fail. they turned out to have failed. i myself at the time was negative on all of this stuff. i was short new century. i was public about it. a lot of times the stock went up in my face. so there was no guarantee these securities were going to fail. they did fail. what you're talking about is a case like when bear stearns was going to spin off ever quest financial and take the direct that was in the portfolio in one of their investments that blew up and sell that to the public. that would be a case of what you're suggesting goldman did. in this case goldman didn't do that. >> patrick, obviously your capitalism is good guy as am i. crony capitalism is a different story. that smells like this to you, sir, correct? >> you got it. there's a difference between crony capitalism and crony capitalism and markets. i love markets. market manipulation is bad. what's gone on here with goldman has crossed the line between just investing and scheming.
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they basically -- they ripped the face off a bunch of clients and fed it to one of their best clients. and i think that that's actually the business model. i think that what's come out about goldman is the tip of the iceberg and it's going to come out about a few other banks and a lot of other hedge funds. >> patrick, if i'm waiting for thursday and waiting for president obama in new york and i want a guy and i want this government to really clean this stuff up, is he hard enough on the derivatives in the new reform bill? at the end of the day if we don't clean those up with serious, serious oversight we're just setting the same thing up to happen again. i'm angry. please make me less angry. >> no, you should be angry. derivatives, he's not address. most of what he proposed is just frosting. he's not addressiving derivatives, really leverage. ultimately what i think has to happen is two things about the sec. one is, the sec we fund it to the tune of a billion a year. that's about the denver police department. should be about ten times as
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much. the sec should be part of the department of justice. the only thing that scares these guys on wall street is an orange jump suit. it's not a civil fine. t >> i want to get a little loose here. most of my friends work on wall street. a lot of successful hedge fund guys. i know a lot of folks. they're very honest people. they play within the game they're given, kind of in their own way say there's a lot of murky stuff, a lot of gray stuff that maybe the world knew about should change and would change. you do this for a living. if you're going to agree, please be honest with me. wall street on moralistic fiber, on playing within the bounds of decen decency, you got to say we need a new hard look at who we are. is that not fair to say? please just as a human being tell me that. >> listen, donny, i completely agree with you. the behavior of wall street and the way they got their bonuses and then they got a do over and
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took their bonuses again. but a lot of this was because the fasbe getting away with advocating accounting rules that were so ridiculous these banks could pretend they had profits when they had bogus securities. i'm with you. i want to get things cleaned up. i think we have to make sure we focus on the right thing. why is no one screaming at the rating agencies? without their complicity in all of this, none of it could have happened. there's tons of blame to go around. wall street gets a failing grade across the board in all of this. but in this one case that has been blown out of proportion, i think we're taking two sophisticated guys, and they had an equal chance to be right, and we're blaming goldman in this case for something they didn't do. >> frank, any blame in goldman here? or as bill says, hey, just two rich guys on both sides of the trade duking it out? >> there's tons of blame to go around. we're not talking about just crony capitalism. we're talking about casino capitalism. in many cases the kinds of
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investments that we really shouldn't even have. some of these synthetic derivatives, for example. it's just a casino, a bet against a bet, a bet against a bet. where is the productive value in that? i think we have to move away from an economy that's based, you know, on speculation and back to an economy based on real economy where we use financial instruments to invest in industries that create jobs, that build things, that create commerce in our country. >> patrick, give me any explanation why these synthetic derivatives have any value to anybody in society other than guys in banks that are profiting from them pip don't want to be angry about them. everything i've heard and read says this is nothing about casino money. am i wrong here? >> you've got it exactly right. paul volcker recently said the
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only financial innovation in the last 30 years that added value to society is the atm. another quote -- actually, warren buffett's partner said a year or so ago, have you noticed that 20, 30 years ago we didn't have all these complex synthetic seems, all these very fancy derivatives, and things seemed to work pretty well. these highly -- instruments really do not add value to society. what they add is to the pockets of the bankers who sell them. >> i will say something. that i really -- a message to president obama regardless of whether you're republican or democrat. i really believe the public needs something here. the public needs something on these cdos to say, wait a second, something's got to change here. something's got to give. the president and for the new regulatory issues do not feel that, do not understand that, we are not going to change the finer of tfin fiber of the anger going on in
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america. michael douglas made a pitch to show mercy on his drug dealing 31-year-old son. would a judge even consider a softer sentence on average joe's son? should we be angry on how celebrities are treated in this society? next on msnbc. somewhere in america... there's a home by the sea powered by the wind on the plains. there's a hospital where technology has a healing touch. there's a factory giving old industries new life. and there's a train that got a whole city moving again. somewhere in america, the toughest questions are answered every day. because somewhere in america, more than sixty thousand people spend every day answering them. siemens. answers. you stood in the basement gathering dust while i, sneezing, itching eyes kept you from our favorite stream. the one that runs through a field where pollen floats through the air. but now, with the strength of 24-hour zyrtec® to relieve my worst allergy symptoms, indoors and outdoors...
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the son of academy award winning director michael douglas in a new york court right now facing sentencing after pleading guilty to drug charges earlier this year. prosecutors say cameron douglas was the middleman in a $48 million meth ring who's also a long time drug addict himself. while on house arrest last summer he allegedly had his girlfriend sneak him drugs in an electronic toothbrush. still michael douglas begged the judge for mercy for his son. he wrote i love my son but i'm
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not blind to his actions. i don't want to see him break. there were also letters from cameron's grandfather, kirk, and stepmother, ka stepmother. cameron douglas is an admitted criminal. should his famous family be able to get him out of trouble. i'm joined by msnbc legal analyst. if i'm out there watching this, obviously this is a tragic family matter. no family wants to go through this. doesn't the judge have to throw the book at cameron in a meaningful way? otherwise we're setting up the public to be angry and cry foul and say the rich guys get better treatment. >> he's not going to get a break because he's famous, hollywood royalty or because he's an addict. he is going to get a break because he's an informant. he cooperated with the feds. he's going to get a downward departure from the mandatory minimum ten because of that. >> does it work against celebrities today in a strange way? obviously the premise we're talking about that, because you are rich, because there's so
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much heightened light on this it's going to work the other way against you? >> i don't think so. i think judges actually look at the conduct. they look at the crime. they look at your background. they see if you've got prior. they look at the amount of weight that was moved. this case is a significant amount of weight. it's five pounds of crystal methamphetamine. 15 pounds alone removed in manhattan. and this kid moved five of them. $48 million worth. the judge is looking at that. he's not looking at whether his dad is michael douglas and his grandfather is kirk douglas. the irony to me, though, is the movie "traffic" which showed america what it takes to prosecute a drug dealer. this kid now is a drug dealer himself. >> is there an irony here that michael douglas in one of the letters wrote about his son grew up in this very crazy hollywood world. i'm at home going wait a second. i have less sympathy for you because you had this wonderful life.
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things went bad for you and look how i'm struggling. seeing celebrities in this position, does it -- >> you know, people are people. whether you came from privilege or you came from poverty. p you got a problem, you got a problem. it's not going to get you out, though, of a stiff prison sentence. and when he's in jail, he's a number. he's a federal prisoner. he is not a hollywood scion. he is not the son of privilege. i think the people that look at this and think he's going to get a break today because he's somebody famous, they're looking at it the wrong way. he's going to get a break because he turned informant. >> do these letters ever sway a judge? >> yeah. >> as a dad your heartbreaks when you read this. nobody wants to see their kid go through this. does it ever make a difference for the judge? >> i think what it does for the judge is it humanizes the defendant. because the judge looks at the conduct and sees this is a huge amount of meth. it's a huge amount of money. really turned off by that.
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then you read about the human being that's before you and it becomes a person. not just a docket number and not just a defendant. that being said, however, this person must be punished and the message must be sent whether you're famous or, like i said, whether you're impoverished, whether you came from the ghetto or you came from, you know, celebrity. you do this kind of a crime, you're going to do significant time. >> as soon as we have that sentencing, we'll give that to you. thank you. msnbc's page hopkins has a look at other stories we're watching today. >> thanks, donny. european airports are struggling to reopen today amid the continuing threat from an eruption of gas from a volcano in iceland. flights from countries like spain and switzerland have been given the green light. european air traffic officials expect some 50% to 60% of flights to get the go ahead. london airports remain closed for another day. limited flights from france. 95,000 flights have been canceled just since last thursday. the president of the colorado rockies was found dead
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in his hotel room this morning. police say it's unclear who discovered kelly mcgregor unconscious in the salt lake city hotel. emergency workers arrived but we are unable to revive the 48-year-old. now to tennessee where sarah palin and members offer famithe and mother -- prosecutors announced sarah palin, her husband todd and daughter br bristol as potential witnesses. long time civil rights activist dorothy height has died. height led the national council of negro women for 40 years. she was a leading female voice in the civil rights era in the 1960s. president obama issued a statement today calling her the god mother of the civil rights movement. height was 98 years old.
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quite a life. and "discovery" shuttle astronauts are safely back home today. the shuttle landed at the kennedy space center in florida this morning. on this latest mission astronauts brought much needed equipment and supplies to the international space station. the "discovery's" next mission is slated to be its last. that flight is scheduled for september. back to donny. >> thanks, page. keeps it with our special focus this week on america the angry. we're going to turn to what some say might be the solution. that's right. today is 4/20. the high holiday. are your friends and neighbors smoking weed to calm the anger? cnbc's trish regan has the answer. and she's next. ♪ what if one little pop
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again, barbara and i are supportive of appealing don't ask, don't tell. so i don't know why you're hollering. >> all right. gay and lesbian americans taking out some of their anger on president obama last night as he spoke to a crowd at a fundraiser for california senator barbara boxer. coming up, more on our series america the angry. is it the media's fault? you'll hear from all sides. you may be surprised by the answer. now for something that could take a little edge off the strained state. only kidding. strained state budgets and perhaps mellow out some of those angry in america. according to our friends at cnbc the potential tax revenue from legalized pot could be $16 billion to $20 billion annually. 62% of americans are against legalizing marijuana. i'm joined by cnbc's trish regan who knows more about marijuana than pretty much any stoner on the planet because trish's special documentary on cnbc has been the highest ratest special
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ever in the history of man kind or cnbc. 55% of americans against legalizing pot. why is that? >> this is for any purpose. actually, when you look at medicinal uses, people are more in favor. about 50% of the population is in favor of that. when we say, okay, it could be legalized for any use whatsoever, how do you feel? the majority still oppose it. i mean, the reality is, i think, the country is still somewhat conservative. even though you have a lot of states moving forward, 14 states now that are legalizing it for medicinal purposes. >> i'm a guy that wants this country to be -- people to be a little less angry. legal or illegal, statistical research has shown it doesn't have anything to do with how many people are going to smoke it. if it puts more money in the state coffers -- >> why not. that's what california is thinking. they've got a referendum that's going to be on the ballot come november. voter wills have the opportunity
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to say -- i think it's really interesting. if you look back historically at prohibition and the repeal of alcohol prohibition in the 1930s, it happened at a time when the economy was in a very fragile state. a lot of people have made the same analysis. saying, look, the economy could use the money right now. just like they did back in the '30s when they said why not tax and regulate it. maybe they could. >> do you think the joint -- the tax per joint solution is the smartest? i love that. i've been waiting my whole life to say that, by the way. why is that? >> it's smart because the reality is the market value of pot overall would go down significantly if you legalized it. right now, and i just happen to know these statistics off the top of my head, it costs anywhere from $4,000 to $6,000 an ounce to buy it on the street. that same ounce, donny, costs about $400 for someone to grow california. you see that huge profit margin. that really wouldn't need to be there, obviously, if it were
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legal. you wouldn't have this huge market cap. you couldn't necessarily say we're going to get a percentage of that market. it might be smarter to do it on a usage basis, which would be the dollar joint tax or something like that. >> obviously no drug is a good drug. compared to some of the harder drugs, certainly doesn't seem to be as dangerous. does it lead to harder drugs? what does research show? >> i've talked to a lot of people about this. people have very mixed views. my own personal opinion is, no, it absolutely does not. there is an advantage if it's legal. that's because it doesn't force a 16, 17, 18-year-old kid to be going to a dealer to get that marijuana. some people in amsterdam told me, look, we go to a cafe as a 17, 18-year-old kid to go smoke a little pot. we don't go to a dealer who says, gee, i don't have marijuana this week. let me introduce you to
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something a little better. >> is it true there's been tremendous depression at cnbc since my show is not there anymore? >> we miss you like you wouldn't believe. >> young children can't find their way around? >> we miss you in those hallways. maybe we need to smoke a little more pot, right? to make up for donny being gone. >> i behaved myself so well through this segment. be sure to cash trish hosting "the call" weekdays with my good buddy, larry kudlow. blame the media. are journalists at fault for stirring up the outrage of americans? there's no shortage of extreme voices on tv and radio. where he putting ratings over what is right for viewers? are we giving them too much power, credit and blame? be right back. [ male announcer] competition... it pushes us to work harder. to be better. to win. but sometimes even rivals realize they share a common goal. america's beverage companies
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trading today. dow jones industrial up about 28 points. s&p up nine and nasdaq up nearly 18 points. air bus parent company eads says it will again enter a luke ra ti air force competition to supply mid-air refueling tankers on its own. officials made the announcement at a news conference today. the deal would be worth $35 billion. boeing is offering its own version of a refueling tanker that's reportedly cheaper than the air bus proposal. pfizer is improving oversight of clinical trials. this after fda warning labels siting the drug maker -- the trials involved the company's anti-psychotic drug used for children with bipolar disorder. that's it from cnbc first in business worldwide. donny, over to you. >> julia, thanks so much. back to our week long special series, america the angry. we've looked at anger at wall
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street. leads to domestic terror, even anger at celebrities. what about the media? any chance the anger americans are feeling is a reelection of what they're seeing and hearing on tv. >> barack obama is president of the united states today because of stupid, ignorant people who think like you do. >> are you an absolute idiot? >> sir, don't call me -- >> i'll call you anything i want. you're part of the problem. >> he doesn't have a right to be here! he doesn't have a right to be in this country! >> that has nothing to do with the fact that he -- >> embarrassed your district, embarrassed your state, embarrassed your party, embarrassed your nation. shouted a t the president like he was a referee at the ball game and you were a drunk in the stands. and you were wrong! >> when the hell are you going to stand up, america? >> karen, let me say something
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crazy here. let's take a last guy, glenn beck, who i pretty much disagree with everything he says. so what. he's an entertainer. why don't we put the pin in everybody and stop worrying -- so what? entertain. say what you're going to say. who cares. >> i think we need to stop referring to these people as journalists and as part of the media. they are entertainers. even glenn beck says that about himself. that's all reality tv right there that you just showed. that was not media. it was not journalism. >> i was kind of surprised when the president kind of fired back at rush limbaugh and glenn beck at different points in time. hugh, you've got a big following there. you're a conservative guy. at the end of the day, don't we kind of elevate you guys too much by saying you're anything other than just another person on the street spouting off just like there's a guy at the end of the bar and spouting stuff, you just kind of turn the other way. am i crazy? is it too easy for me? >> it's too easy for you, donny.
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when you guys get rid of ed schultz and keith i'll start to think you're actually serious here. they are the biggest hate mongers in television. >> i'm not taking the side of either one. my point is whether every you come out on ed and keith and glenn and bill o'reilly, it's like so what. just like i could line up 1,000 guys in the room and you can always have guys outrageous and over the top. why are we even allowing america to believe that these people are really kind of informing our brains? do i think people are brighter than they are? >> it depends on what credibility they bring to the table. if you spend like i do three hours interviewing lawrence wright about the looming tower i might know something about that book. you got to go source by source. msnbc should start with ed schultz who's just kind of a joke. >> by the way, that's a ridiculous thing to say. he's a joke.
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he's a guy. let me finish. disagree with everything he says. say, you know what, i think he says it loud and too crazy, so what? that's the way wherever you come out on these things. i'm clearly a guy who's a little farther to the left. my kind of whole new thing is we've got to calm down a little bit. paul, whether you're a glenn beck guy, ed schultz, keith olbermann, o'reilly, so what? >> these guys have followings. people don't make distinctions between who's a journalist, blogger, commentator, host on tv. it's basically a guy on television yelling at them and telling them they should be angry. frankly, there are good reasons to be angry. they're not creating the anger. the anger is there. they are simply exploiting what already exists. >> donny, lady gaga has followers. that does not make a person credible enough to lead people. i think you've hit on something. at the end of the day people can't have common debate in this country, intelligent debate in this country without information.
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we're no longer doing the job as journalists. there was a time when walter cronkite got on the air waves and you knew he was telling you something important. today i teach at hunter college. people don't know where iraq is on the map. >> my point is this. once again, let's go on. your hate of ed schultz, or he should be off the air, what if i said -- >> i didn't say he should be off the air, donny. i don't hate him. i think he's a joke. >> listen to me. >> i spend my time talking to people like jonathan alter. i spend my time talking to smart -- i know ed's not. >> i guess my point is who are you or anybody to judge where the intellectual -- these are entertainers in one form or another. >> you can look at any show and decide whether or not there's an objective seriousness there. whether someone brings intellectual heft and knowledge and interviews to the table. it's not that hard to judge who's serious, charlie rose, who's not, ed schultz. >> you're part of the problem. because you're not opening up the discussion for people to
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have intelligent debate. you're just saying this guy's an idiot. this guy's a joke. this guy's stupid. >> it have to disagree with you. clearly you've never heard the show. >> i have heard the show. >> i have -- ed schultz doesn't do that. he doesn't have the ability to do that. >> i got to say something. hugh, you are the problem. a guy like ed schultz, you can disagree with him. this is a quality human being. i don't know glenn beck. ed schultz is trying to do the right thing. why don't you say, you know what, i disagree with this guy. why do you have to say he's a joke. i happen to know the man. once again, disagree with everything he say. his heart is in the right place. glenn beck -- >> he's just not that smart. objectively he doesn't know very much. >> who needs that language? glenn beck, once again, i disagree with everything he says. say it. i don't care. knock yourself out.
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i don't need to say you're a moron. that's it. hugh, enough with this stuff. paul, i appreciate it. karen. you know what? i applaud your right to say it. the angriest movie scene we saw with jack nicholson and tom cruise in "a few good men. >> i want the truth! >> you can't handle the truth. >> we're throwing you a curve ball. we actually chose another part of a climatic courtroom soon. >> i have neither the time or inclination to explain myself to a man who rises and sleeps under the blanket of the very freedom i provide and then questions the manner in which i provide it. i would rather you just said thank you and went on your way. otherwise i suggest you pick up a weapon and stand a post. either way, i don't give a damn what you think you are entitled to! >> did you order the code red. >> i did the job. >> did you order the code red?
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>> you're god damn right i did! >> another classic. al pacino in "justice for all." >> that man is a slime. he's a slime! if he's allowed to go free, something really wrong is going on. >> you're out of order. >> you're out of order! you're out of order! the whole trial is out of order! >> number one, of course, peter finch with the classic rant from "network." >> all i know is that first you've got to get mad! you've got to say, i'm a human being, god damn it! my life has value! so i want you to get up now. i want all of you to get up out of your chairs. i want you to get up right now and go to the window, open qit, and stick your head out and yell, i'm as mad as hell, and
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i'm not going to take this anymore! >> what were you just saying to me off camera. >> i was just saying, you know, i live in this country and i love it. when they are people like ed schultz and we can go down the list who really care about what they're doing and they're really trying to bring people information and trying to bring people together and trying to bring understanding, to be called names, i think that's so much part of the problem. and i wish it would stop. >> i guess what -- what we saw with hugh is to me the problem. once again, i don't know hugh. maybe he's a very, very nice man. this kind of cadence we're getting into that when i'm going to go up against the other guy, whether it's glenn beck, whether it's keith olbermann, i got to call him a jerk. i got to say he's an idiot. that's just got to stop. say i disagree with everything he says. i think people are getting tired of it. it's enough. once again, it's just enough. just stop. enough. up next, the anger brewing between america and one of its oldest friends. israel and the u.s. have been the closest of allies since the dawn of the jewish state. back in three.
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♪ could open a world of wonder ? ♪ ♪ so sensory ♪ so satisfying ♪ the discovery ♪ never seems to stop ♪ ♪ it's the magic friskies ♪ ♪ makes happen ♪ every day ♪ in so many ways ♪ friskies ♪ feed the senses
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back to our series, america the angry. what happens when friends like the united states and israel get angry with each other? last time president obama and israeli prime minister benjamin netanyahu got together relations were a bit frosty. about the dispute of israeli settlements and the growing threat caused by iran. listen to senator john mccain's anger when it comes to dealing with iran. >> this goes on an on. of the threats that we have -- that we have made to the iranians and so far no action. george schultz, my favorite secretary of state in all the world, once said his marine drill instructor said never point a gun at somebody unless you're ready to pull the trigger. we keep pointing the gun. we haven't pulled a single trigger yet. it's about time that we did. >> harvard law professor joins me live from miami. thank you so much, professor. i'm sorry i didn't get to sit in on your classes. they didn't accept me into your law school in those days. all right, sir.
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obviously the friendship, the relationship between israel and america has been something that has been the bedrock of our international policy. does barack obama have any choice now being that to your point the threat of threats right now is iran, but other than to kind of seem a little at odds with israel, to kind of line up the arab nations, isn't that the only play at this point? >> no. absolutely it's the wrong play. what barack obama is doing is being more threatening toward his allies and friends than his enemy. he's being very soft with iran and very tough with israel. israel is a democracy. in its 62 years it has accomplished more than any country in history in 62 years. it exports more life saving technology. it's been america's greatest ally. it's provided intelligence information. never asked for american troops. it destroyed iraq's nuclear destroyer which allowed -- it's been the perfect ally. it pays its debts.
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it buys american products. and the united states and israel must stand together against iran. if iran becomes a nuclear power during the barack obama administration, he'll be remembered like neville chamberlain. neville chamberlain brought health care to england. he helped england out of the depression. he didn't stand up to hitler. he's always going to be remembered in history that way. i voted for barack obama. i hope he's not remembered that way. i want to see him stand up to iran. >> as a jewish-american, i don't think there's anybody in disagreement that we've got to stand together against iran. i want to kind of war game it a little bit. is there not a logic that at the end of the day, israel, other arab nations, u.s. against iran, that's the thing that's going to do the trick and that the war game, the strategic, the let me send a signal to the arab nations maybe there's a little olive leaf there, i don't want to call it a head fake.
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isn't there a strategic move there? >> i don't think so. the former national security adviser actually threatened to shoot down american/israeli jets if they tried to bomb iran. the arab states don't want iran to get nuclear weapons. saudi arabia is terrified. egypt is terrified. jordan is is terrified. israel and the palestinians should make peace. that has very little to do with american leverage. the arab states have their own reasons why they don't want iran to get nuclear weapons. the last thing that the united states should do is loosen the bonds of alliance with israel. that sends a message to iran that you're winning. it sends a message to american allies that america is not a reliable ally. america must stand shoulder to shoulder with israel against this threat of iran. i think america could be very helpful in making peace between israel and the palestinians. it has to demand to the palestinians that they move toward negotiations.
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israel favored the two-state solution in 1948, 1967, 2000, 2001, ended its occupation of the gaza and the palestinians have done virtually nothing towards peace. they won't even come to the negotiating table. most important, the rift has to end. it's an artificial rift between friends. the only people happy about it are iran and america's enemies. america and israel have to stand together. >> i guess the point for me, i think it is artificial. that's the comforting news. thank you so much for your wisdom. the next generation of apple's iphone got into the wrong hands after it was left e bemind at a bar. today, steve jobs reacts. well, sort of. and all those confiscated knockoff duds confiscated on the streets of new york city are being put to good use. we'll tell you how. where technology has a healing touch. there's a factory giving old industries new life.
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welcome back, msnbc, i'm donny deutsche.
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some breaking news coming in. a new york judge sentenced michael douglas's 31-year-old son to five years this prison on doug charges. cameron douglas had faced a 10-year term. msnbc's paige hopkins returns with more news. >> i'm less angry that he got five years, better than the three and a half he had predicted. now to the fastest three minutes in news. let's go down to the wire with apple's secret iphone. a new record on park avenue. if you won't cut out the salt the government may be ready to do it for you. the ad if a fda is considering a plan to regulate the amount of salgt in food because the industry hasn't done enough to cut back. and drop that french fry, it could be a national security threat. a report from a group of retired military officers finds today, nine million young americans too heavy for military service. the group blames the food served in the lunch in the nation's schools. and assault trial starts in matsen today for a former police officer who has become a youtube sensation. though not in the way he would
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have liked. more than two million people have viewed this video of officer patrick hogan shoving christopher long as he rides his bike through times square in 2008, ouch. duds once bearing the labels of nike, ed hardy, ralph lauren and true religion are heading to hate haiti's earthquake victims. new york is sending 125,000 tons of illegal knockoff clothes to haiti. a tech blog has gizmoto claims they uncovered the not yet unveiled device at a bar in new york city where an apple employee had accidentally left it the incident led to this mock statement from steve jobs posted on youtube. >> i am so angry, i can't even spit. you know what? just because of this, no new iphone this year. iphone hd, canceled, deal with it. you got me, gizmoto? and the tech generation is
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get even texter, a pew research study finds teens send more than 100 texts a day. texting has ridsen dramatically even since 2008, eclipsing cell phone calls, instant messaging, social networks and oh yeah, talking face to face. and the good times appear to be back, at least at one of the nation's most famous streets. new york city's fifth avenue is claiming a new city retail record. a japanese clothing chain signed a $300 million lease for the next 15 years. on the other side of the ledger, serious financial trouble for lindsay lohan. reports that the gossip page mainstay owes $600,000 in credit card bills and recently had to shell out $23,000 in back rent to keep from being evicted. top news for lindsay, even tougher news for the cast of jersey shore, tanning beds may be addictive. a study finds people who use tanning beds may meet the criteria for addiction. they're more likely to suffer
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from anxiety and more likely to have substance abuse problems. and in jordan, blind women learning a new skill -- hairdressing. part of a new project to integrate women into society. to pennsylvania where cameras caught a daring animal seen dashing out a of a rite-aid pharmacy. the audacity. that brings us down to the wire. now back to donny. i did it. thanks, paige, you saw her on the show today, the thing that i'm trying to accomplish here. you saw when i had hewitt on, the radio guy, 30 seconds into his spiel, he's start calling ed schultz names. i go on the premise that anybody that has a block of media time, whether it's tv, whether it's radio, are smart enough to make their point. are smart enough to call the other guy out without names. i think peer are tired of it. i'm an ad guy, i follow trends for the last 20, 30 years, i believe we're at a moment in
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time when people are tired of it on both sides. that's our show for today. only . [ crunch ] wheat thins. toasted. whole grain. crunch. the crunch is calling. bolt that burrito. no matter what life throws at you, you can take the heat. until it turns into... heartburn. good thing you've got what it takes to beat that heat, too. zantac. it's strong, just one pill can knock out the burn. it's fast, the speed you need for heartburn relief. and it lasts, up to 12 hours. so let them turn up the heat. you can stop that heartburn cold: (sssssssss!!!) zantac.
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good afternoon to you, i'm "dylan ratigan show" democrats and republicans sparring over financial reform. but both parties are missing the actual problem. people, end too big to fail. look at the real solution here. plus, bigger than goldman sachs, why the fraud case against the most profitable firm in wall street history is just the tip of the iceberg. you don't like goldman? wait 'til you see what their lesser counterparts have been doing. and we'll talk to the artist who chopped up a hummer to make a modern-day hoover cart. the show starts right now. all right, in america today,
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fighting words in washington over financial reform. the senate's top party leaders sparring over the $50 billion fraternity provision, one that would officially formalize in the frat, those too big to fail institutions as a separate and unique class of bank. >> that's why he was disappointed to read that senate democrats are refusing to drop the $50 billion bailout fund, a fund that the treasury secretary himself opposes. unless republicans pay a price for taking it out. this is exactly what americans don't like about washington. when one side tries to get something for doing what they should have done, in the first place. >> you either believe that we need to strengthen protection for consumers, or you don't. i believe in those principles and in fixing what's broken. >> here's a big news flash for you -- the issue is not the democrats' bill or the gop's response to it. it's the perpetuation by the
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u.s. government of an inherently unfair system. see that light? the existence of a separate class of banks, that gets special access every single day that no one else gets. to cheat money. they then exploit their size and power and the cheap money, with the knowledge that at the end of the day, the government will step in to foot the bill for their losses. this in turn drains our communities of desperately-needed lending and investment, which is why you may not have a job. treasury secretary geithner testifying today, at a hearing on lehman brothers, saying congress must act now to prevent future bailouts to come. >> we need a system in which regulators can act preemptively to protect, not be left to simply come in after the fact to clean up the mess. >> but instead of the


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